Business Litigation Reporter May 29, 2015

Goodwin Procter’s Pricing and Project Management Team

When Michael Caplan joined Goodwin Procter as Chief Operating Officer in August, 2014, he knew he’d be navigating the firm through changing tides in the legal industry. In fact, that was precisely why he was chosen. Caplan had served as the Global Chief Operating Officer of Marsh & McLennan Companies’ Corporate Legal, Risk and Compliance Department, which was recognized in 2013 by the Association for Corporate Counsel for its approach to creating value through technology and value-based fee arrangements. It was this kind of innovation and creativity that Goodwin Procter sought to meet the changing needs of its equally forward-leaning clients who were seeking value-driven engagements.

One of the things that drew Caplan to Goodwin Procter was its commitment to creating value for clients and willingness to try new approaches. He was impressed, for example, that it was one of the first AmLaw 100 firms to implement a dedicated, full-time pricing team. The team leverages sophisticated budgeting and project management tools and systems to design creative fee arrangements and assist with effectively managing Goodwin Procter’s work with clients. The team’s expertise derives from more than 25 years of combined experience in legal pricing and project management.

“Over the past few years, our clients’ business environment has changed, in some cases dramatically, due to changes in the economic and regulatory landscape,” Caplan remarked. “As a partner to our clients, the way we work with them must also change. Goodwin’s Pricing Team are 100% dedicated to collaborating with our attorneys and our clients to find new solutions that not only meet the clients where they are, but also to where they’re evolving.”

The Goodwin Procter Pricing and Project Management Team provides counsel and support to attorneys on pricing, budgeting, and all aspects of project management. The team also ensures that the firm’s attorneys have the necessary tools and support to efficiently and effectively budget and manage matters to provide maximum value to clients. Goodwin Procter uses a customized software program to help develop, track, modify, and research budgets and fee arrangements. The software allows for detailed tracking and reporting of work in progress which enables exceptional control over fee arrangements.

Goodwin Procter has extensive experience providing legal services under a variety of alternative fee arrangements, including fixed-fees and modular fixed-fees, hold-back/success fee arrangements, blended rates, busted-deal arrangements, and portfolio arrangements.

“With the decline of the billable hour, we’re literally changing a payment model that’s centuries old,” observed Caplan. “These are exciting times.”